Nagella joined Citi in 2008 after leaving Bank of America. He held various positions at the U.S. bank, including head of U.S. algorithmic trading products and head of the Americas execution platform. His LinkedIn profile says he was made global head of cash products in 2014, but Citi insiders say he was a mere “quantitative analyst”. Nagella began his banking career at Goldman Sachs in 2001, where he helped popularize the use of algorithms in the trading business.

Observers suggest Nagella’s exit is symptomatic of Murray Roos’s growing influence. Roos joined Citi from Deutsche in 2015 and is global co-head of equities with Dan Keegan. Nagella isn’t the only change at the top of Citi’s equities business this year. Ryan Gould, a former equities MD left to manage the central risk book at UBS in May and Tom Chippas joined as global head of quantitative execution from blockchain start-up Axoni in June (Chippas was formerly CEO of Citadel Technology LLC).